100 thoughts on “Economic Update: Socialism from Past to Future

  1. I saw one of method China used to raise the income level of poverty-stricken remote village was to use Corps system. Villagers started online business to sell their produce as the village to share the profit. The village installed delivery track road and internet and shared the cost. The investment was shared. I think American farmers can do the same if they are open minded about Corps system.

  2. Dr. Wolf, I don't want to share the land I just bought, and I don't want be taken care of by the state. I don't want medical for all, because I think it will just be another black hole for money. I don't believe that we have true capitalism, we can no longer go bankrupt on anything. Am I wrong?

  3. It's sad that this man thinks that no one has tried democratizing the workplace. Many companies have attempted this and these companies have subsequently failed. There is almost no way that will more surely guarantee that private investors stop privately investing then to tell them that they will have absolutely no control over what goes on with the resources that they invest. Socialism no matter how you present it, and in no matter which way it is implemented, will always fail at creating new wealth across the aggregate of society.

  4. The lesson about socialism that this man and the rest of society has failed to learn is that any interference with the profit and loss mechanism will create resource misallocations leading to artificial scarcity and artificial surpluses. there is no way to stop this other than through leaving the markets completely alone and allowing for a totally free market in goods and services to flourish and thrive. But hey, if we need to try this again before we finally realize that socialism is f**** evil, then so be it.

  5. Figures the Zionist Jew is gonna extol the "virtues" of socialism. Considering wealth is now concentrated to an 80-20% wealth gap, what is missing from Prof. Wolff's hard sell via omission of critical data is money. Who owns all the money? What makes any advocate of socialism think the Rothschilds who Socialism will never result in wealthy workers. Capitalism used to. But the israelis through Wall Street bankers that got all those big bailouts, who are still writing the rules that benefit only them — enough. Sorry, Prof. Wolff. Bitcoin made you obsolete. We have no need for the Jews anymore.

  6. Mr Wolf is a great teacher been following him from the UK It would be great if he could help Mr Sanders team up with Jeremy Corbyn and George Galloway and Melenchon allies in Europe.

  7. An entire generation born Socialist…almost as if magic or out of a fairy tail, yet it happened. This system will disapear from the status quo. It is inevitable.

  8. idiot dont use world statistic u commie india and china has haft their population working for 45 cents a day so yea thats 3 billion right there

  9. Capitalism is an unstable exponential system on a finite planet! This flies in the face of basic logic and basic maths! Caught in the closing vice of climate change and decaying Capitalism , the decaying US empire if it wants a soft landing then a paradigm shift is needed which is much more in equilibrium to the environment! Either humanity plans for a transition or nature will impose its will!

  10. I LOVE YOU WORK: thank you Richard Wolf
    YEH, I KNOW IT ALL SEEMS ASS-BACKWARD AND CRAZY:
    If you want your tax dollars spent at home, for National Security, building Roads and infrastructure, better education, healthcare, good water, Housing Security, Regulated Pharmaceuticals, clean air, cleaner energy, yada yada yada…, then EVIDENTLY, you are a Socialist!
    HOWEVER, You are not State Controlled, you ARE still a Democratic Republic, a Government, who practices Venture Capitalism instead of the (selfish and destructive greedy) Vulture Capitalism that exists today!
    If you are for the status quo (corrupt business as usual), a Corporatist, a Vulture Capitalist (unregulated, no protections) , and a War Monger, (stealing other Nations Resources based upon LIES), manufacturing and supporting Terrorism around the World, stuck on the idea of Fossil Fuels, and you support THIS DEREGULATED WALL STREET, a corrupt Electoral Process, a manipulative Corporate Media, and Surveillance State, then you are either a Corporate Democrat, a Neo Con-Republican, or a Trump Supporter. They continually want to tell you, that you are a COMMIE if what you want, is actually good for you, and good for America. 😂😂😂PURE UNADULTERATED INSANITY. Sanders/Gabbard 2020.
    Democratic Socialists who are Venture Capitalists.

  11. I enjoyed this presentation, although, with respect, Prof. Wolff made a mistake in his point about how the Social Democrats differentiated themselves from the Communists. If I understood correctly, Prof. Wolff seemed to claim that the term “Social Democracy” was invented as a reaction to the Russian Revolution . This isn't really accurate. The actual Social Democratic Party in Germany was founded sometime in the early 1860s, but it was originally called something like “The German Workingmens' Association” or “The General German Workingmens' Association”. I'm not really sure at what point the name was changed to “The Social Democratic Party”, but it is mentioned by name in a book I'm currently reading called “German Socialism and Ferdinand Lassalle”, which was published prior to 1917.

  12. Socialism? Capitalism? Communism? All are Babylon ism & schism.

    None of it truly matters unless we end the wicked wasteful western way of life and replace the system of racism white supremacy with a system of justice for all.

  13. Professor, what are your views on the German system of Mitbestimmung (Co-Determination), which allows workers to elect up to 49% of the members of the Board of Directors of the corporation they work for? This would seem to be pretty close to the Workers Democracy you talk about.

  14. Show me where this socialist crap works, without tons of bloodshed, death and misery?

    Socialism works only when a vast majority of the population is ignorant, and America's PC culture has definitely paved the way for that by destroying our education system and stifling public discourse. God bless President Trump, the Patriots around the world for taking our countries back. Good bye socialism – let freedom ring – now if you'll excuse me, I'm going to go clean my guns just in case a socialist comes to try and take them away.

  15. #1 If Trump says something is bad and never will happen, then it most definitely will! hes that fucking rupert murdoch, fox news, wsj level imbecile, its guaranteed he is perfectly wrong and looking at an absurd daytime fox tv

  16. How does such a idiotic simpleton become a professor. First, we do not have capitalism in the US. We have crony capitalism/corporatism. We also already have socialism here. government healthcare and social security/medicare. We already have enormous government. Wolffe is dangerous with his deluded ideas. Socialism brings poverty to everyone. Socialism is wealth distribution. In socialist economies there is no incentive to innovate and to get ahead. Productive people either work less or simply leave the country. People that listen to this man need to get educated on how economics works and how societies prosper. Please do some real research. Please research on how the federal reserve works and how it is responsible for the wealth inequality. Does Wolffe ever mention the fed?

  17. Wolffe- Dangerous socialist BS, spread to people that have little ability to think critically but see themselves as "educated" and "righteous".

  18. ALL HAIL THE SCARLET BANNER. Correct. You have to replace the class wage labour/employer relations. Central, local and workplace governance should be properly constituted in precise legal terms….but not in the bourgeois sense, of course. Each constitution should be regarded as a collective work in progress subject to continuous assessments and approvals. Provision has to be made for freedom and the abuse of freedom.That is not a problem. You need a check against excessive and unreasonable dictation. The ruling class have "freedom" under every order in the book.

  19. Three days ago on Facebook I had some far right Trumpster fall just short of directly threatening me with direct physical harm because I praised Bernie and AOC socialist ideals.

    He said he was a veteran and would and will fight against socialism with every fiber of his being. He stated unequivocally that socialism fails everywhere period etc, etc … that he was part of the military clearly escaped his hatred of socialism.

    Anyway I ignored the veiled threat and simply responsed by asking him how he felt about capitalism allowing 6 humans having equal wealth as nearly 3.2 BILLION fellow human beings.

    I just checked about 15 minutes ago and still no response back. Maybe his brain exploded?

  20. The problem is that who innovates; who would labour to create a new world-beating design for a mouse trap, if they wouldn't get little or no more benifit financially, than someone in the workfore making it?

  21. Capitalists always yap about"freedom" what they mean is freedom to exploit others. THERE IS NO FREEDOM WITHOUT EQUALITY. SOCIALISM puts an end to exploitation. Working people are organized as the ruling class. Banks, Railways, communications, shipping, large agribusiness and industrial corporations, the military, will all belong to the people, who will decide policy by means of meeting halls, Internet, press, radio and TV. The work week is reduced, with annual paid vacations, free hotels and spas, free medical care, free education including university, culture by and for the people, equality for women in economic, cultural and political life, child care centers. Unemployment is done away with, trade unions assure that workers cannot be fired, the State pays pensions and disability compensation, there is a distribution of housing so that homelessness is done away with, rent is less than 5% of income, all debts are canceled. War propaganda will be outlawed, as will war itself. Poverty will be ended with the recovery of the vast resources now wasted in war production, corporate profits and the extravagant lifestyles of the filthy rich. Production increases, science and technology are advanced, and the environment is protected. With capitalism gone, crime will begin to disappear. It is the profit system that corrupts and breeds crime.

  22. I say Venezuela should become the New progressive socialist– economic proofing ground…

    It may cause inflation /devaluation of its currency, in the short term…

    from 329k : $1 >> 400k – 450k : $1 (hopefully, in smaller 20k increments

  23. I will say this, the anti-socialist tendencies of the US government existed for quite some time prior to the end of WWII. Near end of WW1 and during the October Revolution of 1917, US forces were deployed to Russia to fight the take over pushed by the Bolsheviks alongside other European powers. That’s part of the reason why the USSR was suspicious of capitalist nation throughout their history.

  24. I read a few comments. Some are so outrageous and stupid that I will not spend time answering.
    Abuse in capitalism breeds the need for social ideas.
    A hybrid system incorporating the best of both would be ideal
    Let’s call it Democratic Capitalism Without Abuse

  25. "E PLURIBUS UNUM" means nothing in 21st Century America, when we don't acknowledge the demise of our fellow Americans in favor of a wealthy few, we as a nation will begin to be divided and considered a burden on the very establishment that was created to care for the well being of the people.

  26. Has Dr. Wolff actually read about how workplaces changed after the establishment of socialism in the USSR and China? To say the structure of the workplace was left "unchanged" is completely incorrect.

  27. I'm a fan of Wolff but I don'tagree with him here. There is much more than Communist Russia needed to become a sustainable Socialist State besides worker co-ops. It needed democracy in government, transparency, a functioning justice system, etc.

  28. Socialism works??🤣🤣 Richard Wolff: you have SHIT for brains! Why don’t you move to Venezuela or North Korea ? A 76 year old dunce. They deserve you!!

  29. these ideas need a Michio Kaku, or a Carl Sagan to explain them. the above is neither engaging nor convincing.

  30. Richard Wolff is a genius and has been the most knowledgeable on the way the economic system works. He is the only that speak the total Truth about Socialism. Democratic Socialism is the answer to our economic problems. Capitalism does not work, to give an example, in. the years 1929 and 2008 Capitalism failed total and is failing currently. Capitalism gives money to the Rich and Rich Corporations by stealing money from the average citizens.

  31. The corporatist and capitalist politicain do the corrupt work for the capitalistic system. That is the current government of the United States of America works. Totally corruption by evil laws created by evil politicains to help Rich and Rich Corporations to get all the money. That how Capitalism works.

  32. Richard Wolff does a super job in explaining how real Socialism works and that is Democratic Socialism through the whole process not control by evil politicains making evil laws for their selfish interest only

  33. No Future for State Socialism.
    I'm from the future. In the Future the role of the State is small even eliminated. . Big or Strong States will dissolve, There will be Federation of smaller States.
    Big State is a drag, Big State is a Risk and the roots of most Problems.

  34. ban tax collection in exchange for the Capped inheritance of multi generational super wealth.

    vote by National referendum…..say 5-10M per child.

    anything over the voted cap rate is reenergized into the municipal tax system BEFORE the feds get it….

    by municipal vote we can choose what federal programs get what tax $$ in a 'trickle up' system.

  35. How similar is the 21 century socialism described towards the end of the video to the Distributed Autonomous Communities/Organisations being built in the crytoverse? Usually those are organised around one token one vote but tokens are distributed to the value creators – at least that is the goal. ( one member one vote still requires technical advances but many hope to use it contribute to governance within such communities too )

  36. Always do your own thinking:

    Socialism is very likely a recipe to make: “America For The People By The People — Again.” This, as opposed to the current rule: “ America for the Corporations, the workers for the corporations.” Capitalism has a secret love affair with . . . slavery.

    as a

  37. You are a classic Professor Wolff, only you don't know it. Start and put down all these ideas, your studies will be landmarks for the economics of the next decades. I've had many of these ideas, too, right after the fall of communism, actually tried to reach out all over I could, whenever I had the opportunity to explain about "The Third Way", sort of neo-keynesianism.. But quick and easy money were too much luring, and crony capitalism with reckless achieving by theft and cheatery were too much tempting for many, so no one would listen, no one would care. The damages are nearly catastrophic, you are now here on the wake of your 30's Great Depression. Best regards. (Yet, an advice: Don't get state socialism == namely former communist countries like Russia, China, Cuba, Vietnam — into this theory. Let pure traditional socialism aside of the marxist theory, and don't relate socialism as capitalism "shadow" to the state socialism of the former communist countries. They are totally different things.)

  38. Great minds think alike. I refer to "the shadow US Constitution" that provides for the working class inferior people and the ruling class superior people institutions. There is no all one indivisible "We The People…" in the US. It's a two-tier divide and rule setup. There is no "middle class." That is a statistical con-trick. That has no legal status and it is not legally enforced; as the ruling class have provided for security of tenure, wage contracts and workplace and residential property rights. Every law is not "a Liberty." Freedom is not under orders. Americans are a slavish people who harbour delusions of mastery. They are enslaved by capitalism. They are capitalist slaves. What is radical in the US is to be a free man…just to be known and valued as a human being. That is radical. To be true to your existence…a man's man. Not "the boss man" or "the bosses' man." Not the capitalists "commodity man." Hence the rise of the socialists and socialism. They have seen the liars and their lies and they have done with the lying. They need the truth and they want the truth.

  39. 🤣🤣 we have militia to prevent a socialist government in this country. But you can try all you want. Socialism has failed every government , past present and future.

  40. 99.9% of the morons that criticize socialism by using one or two stupid words,….."Socialism fail" are braindead addicted to BRAINWASHING and PROGRAMMING lambs that can't even explain capitalism

  41. Greetings from Russia. Mostly I agree with professor Wolff, but one thing is missing-why the socialist revolution won in Russia? Why not France, Hungary, or Germany(especially Bayern region). My answer is that mostly it had happened in such way thanks to agitation of socialist parties(yeah there were many of them) and this resulted in creating of councils of workers. The worker's councils started the consolidation process of people mass. Even soldiers on the war front started to create their own councils. Following events just shown that the program and resoluteness of Bolshevik party was mostly in accordance with people's interests.
    Other moments that has to be explained is first decade after revolution. The main topic is the system of People's economic production. This means that market still was in there, but govt was regulating partly over it. Also Russian Empire did not left rich industrial ground for new socialist Republic, so therefore the socialist had to solve this problem and they encountered a lot of issues: lack of professionals, lack od education of majority of people, nativity of peasants, crime level etc. This resulted a political tension between different groups of socialist/communist. But there was still very interesting experience with democratic system. The councils did not disappear after revolution. They became platform for people to express their feedback to govt and legislature. Till the end of 1930s, there were elections based on professional districts, later on it has been changed to regional districts, obviously cause of upcoming war. Another interesting thing in this time is the enterprises called Artel – Cooperative enterprise, where the workers had vote and shares, but then it has been removed from the system. So I recommend to read the book of John Reed "10 days that shook the world".

  42. Going back to the theory, Marx believed that Socialism should start in the most powerful country in order to get roots and survive. That has not happened yet, and any of those so-called Socialist countries have not had that distinct feature, and that was the reason for their demise. Perhaps that is more reason why we need a socialist revolution here in the US.

  43. Thank you professor Wolff. Your my favorite economist. You can educate so many ill informed Americans. Ignorance and taboos have brainwashed the masses.

  44. Dear Prof Wolff. I read an article that Huawei of China operates like a worker coop. The shares of Huawei are owned by the workers and not the investors. The chairman of Huawei is rotated regularly by election from the workers. Can you see if this is a good model for a large scale worker coop? Does this show that the concept of a worker coop can be applied to a very large corporation?

  45. Richard, Your stupid view particularly the one that the aim of capitalism is to create 1% richest and 99% poorest is provoking me !!! In the begining there was nothing: A-person goes to live in A-land and the B-person goes to live in B-land. A-person works hard and multiplies only sustainably. B-person lives in Socialism/Collectivism when anyone who is more capable is robed and his wealth transfered to poorer or to multiplication of people. You cannot wonder that in A-land there is low population but richest compare to in B-land highly populated and poorer. The problem is Socialism and BTW it is artificial system which never was on this planet before – compare i.e. 40years of Socialism in East Europe with 4,5bn years of evolution = no system !!!

  46. Talking about how socialism first started off and made improvements on it to make it better. There's even bad parts of capitalism is not good but we try to use the good parts of it. But anything to make it better you have to tweak at it just like adjusting a race car motor and if it is not adjusted correctly it's not gonna work . Just like capitalism and it's not regulated and in turn of the crony capitalism and that's when you start losing money that way to buy someone stealing from you . But socialism is all around us today and pays for our public services like police , fire departments are infrastructure of roads and people to maintain the roads and for schoolteachers and schools to keep the doors open. It's not a bunch of magical ferries making this stuff happen that whar our tax dollars do .

  47. I’m proud to be a communist!

    Unfortunately, Dr Wolff missteps when describing socialism. The degree to which trade unions held power varied over time, but it was not simply “state capitalism,” that’s a very reductive argument that further obfuscates the issue for workers already primed to distrust socialism as either a failure or “authoritarian,” which mostly a boogeyman of a concept

  48. Social democracy = Letting the capitalist own the means of production = capitalism.

    Welfare capitalism is not socialism. It never was and it never will be. In my country, the social democrats are allied with corporate liberals like Hillary Clinton and the rest. Our press and our politicians are corporate bought just like in the US. If you as a socialist, libertarian or otherwise, put your hope in social democracy, get ready to be disappointed.

    Professor Wolff is correct about the split between socialists after the Russian revolution and than both camps failed to bring us actual socialism. One camp got destroyed during the cold war, the other just gave up and got swallowed up by corporations. Hence the corporate social democrats in my country.

  49. I stand by your side Richard. As an economist, a citizen of the world and a human being. Socialise the Enterprise !

  50. The problem is not in decision making at work, but in the control of those who should decide in the best interest for all, and who pass laws. In order to have maximum democracy, the majority that practically does not participate in legislation must have some knowledge of how to prevent legislators from acting against their best interests.

    No government can not educate people to recognize the corrupt behavior of government. It's the right link missing. It's catastrophic that Professor Wolft brings this video to people misleading.

    Knowledge is the most important, and hidden knowledge (occult) is the most important. Professor Wolft proves it with this video once more.

    Problem nije u odlučivanju na poslu, nego u kontroli onih koji bi trebali odlučivati u najboljem interesu za sve, a koji donose zakone. Da bi imali maksimalnu demokraciju, većina koja praktično ne sudjeluje u zakonodavstvu mora imati određena znanja kako će onemogućiti zakonodavce da ne djeluju protivno njihovom najboljem interesu.

    Niti jedna vlast ne obrazuje ljude da prepoznaju koruptivno ponašanje vlasti. To je prava veza koja nedostaje. Katastrofalno je što profesor Wolft dovodi ovim videom ljude u zabludu.

    Znanje je najvažnije, a skriveno je znanje (okultno) najvažnije. Profesor Wolft to dokazuje ovim videom još jednom.

  51. Even if you prefer one system, you should be aware of its weaknesses, if for no other reason than that you can improve on the system. Socialism should be taught so that capitalists understand capitalism better.

  52. There's some historical and ideological inaccuracies about communism and social-democracies, but overall great video, thank you.

  53. What to produce?, what technology to use?, how to distribute? Are there any methods on how to actually implement this because how can we expect an employee to have expertise in all those areas and on whom does the risks go to? Because the consequences of such key decisions are enormous.

  54. For god's sake, people just need someone to take care of them, not to rip them off and leave them to die in despair. Certainly, capitalism cannot do that.

  55. thank you very much dr wolf for spreading your valuable knowledge you are doing us a great service by informing us about these important topics

  56. Bernie Sanders and Andrew Yang in 2020. I want Medicare for All and Universal Basic Income. I don't mind calling that Socialism or Capitalism's Shadow or Regulation, though I would just call it Basic Economic Rights. I actually worked at a factory and participated in workers meetings, and Democracy in the Workplace lasts until the first election. Workers have no idea of what to produce, and if they had they would go out and begin figuring out how to get their own factory, and they will tell so to anybody listening. Workers agree to slavery (and that is what a job is) because they need some income, and don't have the time and money for education and planning. What workers need is bargaining power, and if you are looking at starvation or sickness you don't have any bargaining power. So, those are the two things I want from government: Health Care and Basic Income. Let capitalists do what they do best: compete, in this case compete for labor. If I like a job for whatever reason (maybe because I just want more than Basic Income), I'll gladly do it. Else, I'll go shopping for a better life elsewhere. Individual bargaining suits me well if I am not desperate. And don't worry about Capitalists, most of us are very eager Capitalists given a chance. With free workers floating around, there will be plenty of competition. As a matter of fact, the first thing Unregulated Capitalism does is kill competition. And Capitalism kills competition by Regulation: legislating that government do not participate in productive enterprises, that all be done through contracts with guaranteed profits, etc, etc. Both Capitalism and Socialism depend on government intervention to function, and the government intervention I want is those two items fundamental for free living in the 21rst Century: Medicare for All and Universal Basic Income. Bernie Sanders and Andrew Yang in 2020.

  57. Times have changed, but not principles. This whole talk is political hyperbole, Anecdotal, opinion, and mere speculation.; Credentials; Credentials, yeah yeah, blah blah. Talks much, says little. Good luck implementing Social Democracy without a fight, and with that it will fail to do it peacefully. But don't take my word for it.

  58. GREETINGS AND BLESSINGS!
    I appreciate your commentaries, knowledge and wisdom but the problem that I have notices in all these (ISM) is the human factor. The humans who institute these (ISM) like socialism, capitalism, communism, and nationalism are prone to be manipulated and corrupted, therefore there will most likely never be any real balance. PEACE!

  59. Capitalism is like a pyramid scheme. With all the advancements in production, the companies will be running themselves. Robots, delivery drones, self driving and flying vehicles will eliminate so many jobs that nobody will be able to buy anything that they produce! So I'd like the rich to think about (in my dreams) how many yachts and mansions they really need.

  60. Thank you so much Professor Wolff. I am a big fan of your intelligent dialogue and leadership. We need more education on the reality of the corporate takeover of the world. You and Chris Hedges are an indispensable asset to humanity.

  61. Richard I thoroughly enjoy, listen to closely, and take your good advise. Please keep it up! Yet, there's a certain comedic tone to your presentation…I guess I have been somewhat "ruined" by watching/listening to Danny DeVito for years. Presentation wise you two are twin brothers of different mothers…smile now…Danny uses, quite well I must say, a great admix of "colorful expletives" in his words that do drive his points well. You might find adding a few "f..k" works (as adverbs, adjectives, and even pronouns) would liven-up, keep attention focused on, the important issues we are so contemporarily lost in, you are so earnestly trying to help us better understand….nuff said!

  62. Socialists think they can decide how to distribute the good they produce democratically, so 49% can be suppressed by the 51%.. this is comical

  63. I'm only 25 and I've already realized that democracy is a plague! Two sides don't agree, they put it to a vote, one wins one loses, is the loser supposed to be happy because they put it to a vote? The best way to deal with opposing ideas is you put them both to the test separately and you judge the results, this is why people with common goals need to be separated from those who have different goals. You don't like capitalism, cool, go build your own socialist community where you all put your money and resources into it for your own benefit and leave those who want capitalism to their own devices.

    The problem with modern socialists is that they want it all, keep their money and resources AND get the benefits of government subsidized assistance

  64. I find it repetitive that, Richard keeps referring to Patroon (Pay-tree-on) as (Pat-tree-on), it just stand out every time he says it. Other then that, I greatly enjoy his movies, and I find them informative.

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